Alchemy Technology Services in Derry, a leading provider of technology and consulting services to the insurance sector, has acquired London management consultancy firm r10 Consulting for an undisclosed sum.
Under the deal, r10 Consulting will be integrated into Alchemy and together they will launch a new brand, Alchemy London Market.
It will be based in the Lloyd’s of London building from where it will be able to offer a comprehensive suite of services to the insurance sector.
Alchemy - founded and developed by Derry man John Harkin - said the acquisition will create a number of synergies for the business, including an expanded service portfolio, access to broader markets and the ability to leverage combined technology solutions.
Since its foundation in 2018, Alchemy has grown to become a key provider of technology and consulting services to the global insurance sector. It current employs more than 200 people.
Alchemy London Market will provide consulting services that focus on growth, operations, and technology – for leading (re)insurers, syndicates, brokers, MGAs, Insurtech, and service and software providers.
Prior to the acquisition, the two companies have been working alongside each other since 2018 to bring innovative solutions to the ever-evolving landscape of the insurance industry, united by a shared ethos and people first strategy.
Alchemy London Market’s office in the Lloyd’s of London building embodies the company’s dedication to being at the forefront of the insurance sector. Lloyd’s, known for its pivotal role in the global insurance and reinsurance market, offers a unique environment that fosters innovation, collaboration, and connectivity.
Amechi Pierce Howe, head of global speciality at Alchemy London Market, said: “This is a transformative time as we embrace our new identity as Alchemy London Market.
“The amalgamation of r10 Consulting symbolises our integrated approach and commitment to providing innovative solutions to the London insurance market.
“Our presence at Lloyd’s is not just about a change of address; it’s a reflection of our ambition to be closer to the heart of the insurance industry, where we can directly contribute to and shape its future.”
Alchemy chief executive John Harkin added: “Opening an office at Lloyd’s of London is a major milestone for us. It’s a testament to our growth, the hard work of our team, and our unwavering ambition to make a lasting impact on the insurance industry. Lloyd’s has long been a symbol of global excellence, and being part of this vibrant ecosystem allows us to contribute to and benefit from the dynamism and innovation that define the London market.”
